4H chart:
Bitcoin has been hugging the downtrend line for a month now
We have formed a nice elliott impulse wave after bouncing at 6K
Right now we are waiting for confirmation that the pattern will continue
If it does, and we see a second impulse wave (EW3) above EW1 at 12K, we can assume a bull trend
1H chart:
Looking at the smaller timescale to provide some insight for the next few days, we can see that we have just completed EW1 after an ABC correction
What we are waiting for now is EW3 to form above EW1 at 9.2k (as displayed on the chart)
If this follows through, we will see an elliott wave cycle up to the 4H chart resistance at 12k
Continuing from this level, we will be set up to break 12K and produce EW3 on the 4H chart
Bitcoin has been hugging the downtrend line for a month now
We have formed a nice elliott impulse wave after bouncing at 6K
Right now we are waiting for confirmation that the pattern will continue
If it does, and we see a second impulse wave (EW3) above EW1 at 12K, we can assume a bull trend
1H chart:
Looking at the smaller timescale to provide some insight for the next few days, we can see that we have just completed EW1 after an ABC correction
What we are waiting for now is EW3 to form above EW1 at 9.2k (as displayed on the chart)
If this follows through, we will see an elliott wave cycle up to the 4H chart resistance at 12k
Continuing from this level, we will be set up to break 12K and produce EW3 on the 4H chart
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